| Green total factor productivity is a measure of resource efficiency under resource and environmental constraints.Environmental problems stem from the negative environmental externalities which caused by the improper using of natural resources.Therefore,maximizing the green total factor productivity is the key to achieving green development.As an economic activity to deal with climate change and prevent further deterioration of the environment,green finance has become the main support for the development of the green economy in the current environment.Therefore,study the mechanism of green financial development on green total factor productivity is the basis for guiding the construction of a green financial system and promoting the high-quality development.This article aims to answer the following questions.Can green finance promote the improvement of green total factor productivity? How to evaluate the development level of China’s green finance? How to effectively measure China’s green total factor productivity? What is the effect of China’s green finance development on green total factor productivity,and what are the characteristics?Can green finance development coordinate and steadily promote the high-quality development?Based on the above questions,this article devotes eight chapters to study the related issues respectively.Chapter One mainly introduces the background and the methods of the research.Chapter Two defines the green finance,green total factor productivity,green technological innovation,human capital,capital price distortion,and introduces the relevant research literatures.Chapter Three explores the mechanism of green finance promoting green total factor productivity.By building the mathematical model,the research shows green finance can promote green technology innovation,thereby improving green total factor productivity.Green finance can accelerate human capital accumulation,increasing green total factor productivity.Green finance can alleviate capital price distortions,increasing green total factor productivity.Chapter Four based on the analysis of the multi-dimensional representation of green finance,using the global principal component method to evaluate the development of China’s green finance.The study founds that green investment is the main factor affecting the development of China’s green finance,followed by green credit,and finally carbon finance.There is a serious regional imbalance in the development of green finance in China.The development level of green finance in the eastern coastal areas is relatively high,and the development of green finance in the western region is generally low.Most of the provinces in the Yellow River Basin are at the lowst level of green finance development.Chapter Five uses the SBM-GML method to measure China’s green total factor productivity,and decomposes it into technological progress index and efficiency change index.The study shows that the green total factor productivity of most provinces in China has improved.However,there are obvious regional differences in China.From the decomposition results of green total factor productivity,technological progress is the main driving force for the improvement of green total factor productivity.The convergence test results show that China’s green total factor productivity,technological progress index and efficiency change index all converge.Chapter Six empirically tests the assumptions put forward in the theoretical part.Firstly,a Spatial panel Durbin Model is established to measure the effect of green financial development on productivity.Secondly,establish intermediary effect model to test the path of green financial development to promote productivity.Finally,we examine the impact of green finance development on the convergence of green total factor productivity.The study shows the development green finance can significantly promote the improvement of green total factor productivity.The development of green finance mainly promotes the improvement of green total factor productivity by affecting the efficiency change index.The green total factor productivity,technological progress index and efficiency change index all have spatial spillover effects.Green financial development can accelerate green technology innovation,accelerate human capital accumulation,alleviate capital price distortion to promote the improvement of green total factor productivity.The development of green finance can significantly accelerate the convergence of green total factor productivity,technological changes and efficiency changes.Chapter Seven builds a spatial threshold model to analyze the threshold characteristics of the impact of green financial development on green total factor productivity.Firstly,we examine the spatial asymmetry between the development of green finance and green total factor productivity.Secondly,we build a Dynamic Spatial Durbin Threshold Model to test the threshold characteristics of the impact of green financial development on green total factor productivity.The study shows that there is a threshold effect on the impact of green financial development on green total factor productivity.When the level of green financial development,financial scale,financial structure and financial development depth are at a low level,the impact of green financial development on green total factor productivity is small,but if they are at a relatively high level,the development of green finance has a greater impact on green total factor productivity.Chapter Eight is the conclusion of the article.According to the main research conclusions,relevant policy recommendations are put forward.The innovation of this article is mainly reflected in the following three aspects:(1)From a theoretical point of view,the mechanism of green finance promoting green total factor productivity is clarified,and the logic behind green finance promoting high-quality economic development is provided.With the development of green finance,research on green finance has increased,but most of the research is based on the assumption that green finance can promote the efficiency of economic growth.However,this proposition itself has not been theoretically demonstrated.This article uses a mathematical model The theory confirms that green finance plays a key role in high-quality economic development.(2)The spatial weight matrix is reconstructed,which overcomes the shortcomings of the existing spatial weight matrix.The spatial weight matrix is the key to spatial econometric analysis.This article constructs a dynamic economic geographic weight matrix and a spatial correlation network matrix based on a gravity model,and introduces them into the spatial econometric model for empirical analysis.(3)Improve the existing threshold model and construct a dynamic space threshold Durbin model to test the nonlinear relationship between green finance development and green total factor productivity.The method of nonlinear relationship is rare in domestic economic empirical test,and it can be applied to more economic empirical analysis fields.In addition,based on theoretical analysis and empirical research,some valuable policy suggestions are given. |
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